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- AccessBank (II)
AccessBank (II)
Azerbaijan
| Borrower | AccessBank Closed Joint-Stock Company |
| Financing Type | Private Sector & Trade Finance |
| Instrument | Private Sector Debt |
| Focus Area | Financial |
| Approved | 18.06.2008 |
| Signed | 12.03.2009 |
| Status | Completed |
| Loan Administrator | OPEC Fund |
| Co-financiers | EBRD, Others |
| OPEC Fund Contribution (US$m) | 5.00 |
The microfinance sector is of major importance to sustaining the livelihoods of the urban and rural poor in Azerbaijan. As such, it is considered to hold considerable promise in terms of employment creation and poverty reduction. Access Bank (formerly the Microfinance Bank of Azerbaijan) was created in October 2002. Its principal business activity is small and micro-lending to individuals and legal entities. OFID’s financing will help strengthen the SME sector, which is the biggest source of domestic employment outside of the public sector, providing a livelihood for over three-quarters of the country’s workforce.